This comes after Foxconn’s departure from their $20 billion joint venture to establish a semiconductor fabrication unit and display unit in India. The venture was previously expected to be the first of its kind in the country, backed by a $10 billion government-supported financial incentive scheme.

“We will begin our historic foray in semiconductor fab and glass fab manufacturing, post government’s approval. This will open an entirely new avenue of rapid growth for the company in a sector that is strategic for the country,” he added.

AvanStrate Inc., a Vedanta subsidiary and the fourth largest manufacturer of glass substrates in the world owns niche patented technology for the production of glass substrates and is one of the only four global companies to own this technology, Aggarwal said.

Earlier this month, Vedanta announced its ventures into the semiconductor and display glass sectors. In September 2022, a Memorandum of Understanding (MoU) was signed with the Gujarat government, marking Vedanta’s new ventures in the display ecosystem in Japan, Korea, and Taiwan.

Aggarwal indicated that Vedanta’s stronghold in the natural resources sector is anticipated to yield significant returns. The company’s portfolio includes seven key minerals vital to emerging technologies. Vedanta plans to invest ₹14,000 crore ($1.7 billion) in growth capex across its businesses this fiscal year.

He also emphasized the company’s commitment to environmental sustainability. Vedanta has pledged $5 billion over the next decade to achieve net-zero emissions by 2050. The chairman added that four of Vedanta’s businesses, including Cairn Oil & Gas and Hindustan Zinc Limited, have now become water positive.

Updated: 12 Jul 2023, 06:30 PM IST